Exhibit 99.1
Aon Corporation
Consolidated Summary of Operations - Reclassified for Discontinued Operations
|
| 2005 |
| |||||||
(millions except per share data) |
| 1st |
| 2nd |
| Six |
| |||
Revenue |
|
|
|
|
|
|
| |||
Brokerage commissions and fees |
| $ | 1,676 |
| $ | 1,666 |
| $ | 3,342 |
|
Premiums and other |
| 698 |
| 718 |
| 1,416 |
| |||
Investment income |
| 92 |
| 74 |
| 166 |
| |||
Total revenue |
| 2,466 |
| 2,458 |
| 4,924 |
| |||
|
|
|
|
|
|
|
| |||
Expenses |
|
|
|
|
|
|
| |||
General expenses |
| 1,661 |
| 1,713 |
| 3,374 |
| |||
Benefits to policyholders |
| 393 |
| 381 |
| 774 |
| |||
Depreciation & Amortization |
| 67 |
| 62 |
| 129 |
| |||
Interest expense |
| 34 |
| 31 |
| 65 |
| |||
Provision for New York and other state settlements |
| 1 |
| 2 |
| 3 |
| |||
Total expenses |
| 2,156 |
| 2,189 |
| 4,345 |
| |||
|
|
|
|
|
|
|
| |||
Income from continuing operations before provision for income tax |
| 310 |
| 269 |
| 579 |
| |||
Provision for income tax |
| 112 |
| 90 |
| 202 |
| |||
Income from continuing operations |
| 198 |
| 179 |
| 377 |
| |||
|
|
|
|
|
|
|
| |||
Discontinued operations |
|
|
|
|
|
|
| |||
Income from discontinued operations |
| 3 |
| 20 |
| 23 |
| |||
Income tax provision |
| 1 |
| 8 |
| 9 |
| |||
Income from discontinued operations, net of tax |
| 2 |
| 12 |
| 14 |
| |||
|
|
|
|
|
|
|
| |||
Net income |
| $ | 200 |
| $ | 191 |
| $ | 391 |
|
Preferred stock dividends |
| (1 | ) | — |
| (1 | ) | |||
Net income available for common stockholders |
| $ | 199 |
| $ | 191 |
| $ | 390 |
|
|
|
|
|
|
|
|
| |||
Basic net income per share: |
|
|
|
|
|
|
| |||
Income from continuing operations |
| $ | 0.61 |
| $ | 0.55 |
| $ | 1.17 |
|
Discontinued operations |
| 0.01 |
| 0.04 |
| 0.04 |
| |||
Net income |
| $ | 0.62 |
| $ | 0.59 |
| $ | 1.21 |
|
|
|
|
|
|
|
|
| |||
Dilutive net income per share: |
|
|
|
|
|
|
| |||
Income from continuing operations |
| $ | 0.58 |
| $ | 0.53 |
| $ | 1.12 |
|
Discontinued operations |
| 0.01 |
| 0.04 |
| 0.04 |
| |||
Net income |
| $ | 0.59 |
| $ | 0.57 |
| $ | 1.16 |
|
|
|
|
|
|
|
|
| |||
Dilutive average common and common equivalent shares outstanding |
| 337.1 |
| 338.5 |
| 337.8 |
|
|
| 2004 |
| |||||||||||||
(millions except per share data) |
| 1st |
| 2nd |
| 3rd |
| 4th |
| Full Year |
| |||||
Revenue |
|
|
|
|
|
|
|
|
|
|
| |||||
Brokerage commissions and fees |
| $ | 1,741 |
| $ | 1,693 |
| $ | 1,603 |
| $ | 1,797 |
| $ | 6,834 |
|
Premiums and other |
| 692 |
| 716 |
| 693 |
| 687 |
| 2,788 |
| |||||
Investment income |
| 80 |
| 69 |
| 51 |
| 122 |
| 322 |
| |||||
Total revenue |
| 2,513 |
| 2,478 |
| 2,347 |
| 2,606 |
| 9,944 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Expenses |
|
|
|
|
|
|
|
|
|
|
| |||||
General expenses |
| 1,727 |
| 1,709 |
| 1,684 |
| 1,858 |
| 6,978 |
| |||||
Benefits to policyholders |
| 383 |
| 392 |
| 379 |
| 362 |
| 1,516 |
| |||||
Depreciation & Amortization |
| 69 |
| 82 |
| 77 |
| 75 |
| 303 |
| |||||
Interest expense |
| 34 |
| 35 |
| 32 |
| 35 |
| 136 |
| |||||
Provision for New York and other state settlements |
| — |
| — |
| — |
| 180 |
| 180 |
| |||||
Total expenses |
| 2,213 |
| 2,218 |
| 2,172 |
| 2,510 |
| 9,113 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Income from continuing operations before provision for income tax |
| 300 |
| 260 |
| 175 |
| 96 |
| 831 |
| |||||
Provision for income tax |
| 108 |
| 93 |
| 62 |
| 20 |
| 283 |
| |||||
Income from continuing operations |
| 192 |
| 167 |
| 113 |
| 76 |
| 548 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Discontinued operations |
|
|
|
|
|
|
|
|
|
|
| |||||
Income (loss) from discontinued operations |
| (28 | ) | 12 |
| 12 |
| 10 |
| 6 |
| |||||
Income tax provision (benefit) |
| (6 | ) | 6 |
| 3 |
| 5 |
| 8 |
| |||||
Income (loss) from discontinued operations, net of tax |
| (22 | ) | 6 |
| 9 |
| 5 |
| (2 | ) | |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net income |
| $ | 170 |
| $ | 173 |
| $ | 122 |
| $ | 81 |
| 546 |
| |
Preferred stock dividends |
| (1 | ) | — |
| (1 | ) | (1 | ) | (3 | ) | |||||
Net income available for common stockholders |
| $ | 169 |
| $ | 173 |
| $ | 121 |
| $ | 80 |
| 543 |
| |
|
|
|
|
|
|
|
|
|
|
|
| |||||
Basic net income per share: |
|
|
|
|
|
|
|
|
|
|
| |||||
Income from continuing operations |
| $ | 0.60 |
| $ | 0.52 |
| $ | 0.35 |
| $ | 0.23 |
| $ | 1.71 |
|
Discontinued operations |
| (0.07 | ) | 0.02 |
| 0.03 |
| 0.02 |
| (0.01 | ) | |||||
Net income |
| $ | 0.53 |
| $ | 0.54 |
| $ | 0.38 |
| $ | 0.25 |
| $ | 1.70 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Dilutive net income per share: |
|
|
|
|
|
|
|
|
|
|
| |||||
Income from continuing operations |
| $ | 0.58 |
| $ | 0.50 |
| $ | 0.33 |
| $ | 0.23 |
| $ | 1.64 |
|
Discontinued operations |
| (0.07 | ) | 0.02 |
| 0.03 |
| 0.01 |
| (0.01 | ) | |||||
Net income |
| $ | 0.51 |
| $ | 0.52 |
| $ | 0.36 |
| $ | 0.24 |
| $ | 1.63 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Dilutive average common and common equivalent shares outstanding |
| 335.3 |
| 337.1 |
| 337.4 |
| 336.4 |
| 336.6 |
|
|
| 2003 |
| |||||||||||||
(millions except per share data) |
| 1st |
| 2nd |
| 3rd |
| 4th |
| Full Year |
| |||||
Revenue |
|
|
|
|
|
|
|
|
|
|
| |||||
Brokerage commissions and fees |
| $ | 1,602 |
| $ | 1,620 |
| $ | 1,577 |
| $ | 1,757 |
| $ | 6,556 |
|
Premiums and other |
| 632 |
| 635 |
| 673 |
| 669 |
| 2,609 |
| |||||
Investment income |
| 79 |
| 89 |
| 56 |
| 87 |
| 311 |
| |||||
Total revenue |
| 2,313 |
| 2,344 |
| 2,306 |
| 2,513 |
| 9,476 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Expenses |
|
|
|
|
|
|
|
|
|
|
| |||||
General expenses |
| 1,565 |
| 1,661 |
| 1,618 |
| 1,733 |
| 6,577 |
| |||||
Benefits to policyholders |
| 345 |
| 325 |
| 367 |
| 390 |
| 1,427 |
| |||||
Depreciation & Amortization |
| 66 |
| 77 |
| 80 |
| 84 |
| 307 |
| |||||
Interest expense |
| 28 |
| 27 |
| 24 |
| 22 |
| 101 |
| |||||
Unusual charges (credits) - World Trade Center |
| 37 |
| 9 |
| — |
| (60 | ) | (14 | ) | |||||
Total expenses |
| 2,041 |
| 2,099 |
| 2,089 |
| 2,169 |
| 8,398 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Income from continuing operations before provision for income tax and minority interest |
| 272 |
| 245 |
| 217 |
| 344 |
| 1,078 |
| |||||
Provision for income tax |
| 101 |
| 90 |
| 80 |
| 127 |
| 398 |
| |||||
Income from continuing operations before minority interest |
| 171 |
| 155 |
| 137 |
| 217 |
| 680 |
| |||||
Minority interest - 8.205% trust preferred capital securities |
| (9 | ) | (9 | ) | (9 | ) | (9 | ) | (36 | ) | |||||
Income from continuing operations |
| 162 |
| 146 |
| 128 |
| 208 |
| 644 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Discontinued operations |
|
|
|
|
|
|
|
|
|
|
| |||||
Income (loss) from discontinued operations |
| (16 | ) | — |
| (19 | ) | 12 |
| (23 | ) | |||||
Income tax provision (benefit) |
| (6 | ) | — |
| (6 | ) | 5 |
| (7 | ) | |||||
Income (loss) from discontinued operations, net of tax |
| (10 | ) | — |
| (13 | ) | 7 |
| (16 | ) | |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net income |
| $ | 152 |
| $ | 146 |
| $ | 115 |
| $ | 215 |
| $ | 628 |
|
Preferred stock dividends |
| (1 | ) | — |
| (1 | ) | (1 | ) | (3 | ) | |||||
Net income available for common stockholders |
| $ | 151 |
| $ | 146 |
| $ | 114 |
| $ | 214 |
| $ | 625 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Basic net income per share: |
|
|
|
|
|
|
|
|
|
|
| |||||
Income from continuing operations |
| $ | 0.51 |
| $ | 0.46 |
| $ | 0.40 |
| $ | 0.65 |
| $ | 2.02 |
|
Discontinued operations |
| (0.03 | ) | — |
| (0.04 | ) | 0.02 |
| (0.05 | ) | |||||
Net income |
| $ | 0.48 |
| $ | 0.46 |
| $ | 0.36 |
| $ | 0.67 |
| $ | 1.97 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Dilutive net income per share: |
|
|
|
|
|
|
|
|
|
|
| |||||
Income from continuing operations |
| $ | 0.49 |
| $ | 0.45 |
| $ | 0.39 |
| $ | 0.63 |
| $ | 1.95 |
|
Discontinued operations |
| (0.03 | ) | — |
| (0.04 | ) | 0.02 |
| (0.05 | ) | |||||
Net income |
| $ | 0.46 |
| $ | 0.45 |
| $ | 0.35 |
| $ | 0.65 |
| $ | 1.90 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Dilutive average common and common equivalent shares outstanding |
| 329.2 |
| 332.2 |
| 332.6 |
| 333.3 |
| 331.8 |
|
|
| 2002 |
| |||||||||||||
(millions except per share data) |
| 1st |
| 2nd |
| 3rd |
| 4th |
| Full Year |
| |||||
Revenue |
|
|
|
|
|
|
|
|
|
|
| |||||
Brokerage commissions and fees |
| $ | 1,373 |
| $ | 1,421 |
| $ | 1,466 |
| $ | 1,602 |
| $ | 5,862 |
|
Premiums and other |
| 535 |
| 638 |
| 607 |
| 588 |
| 2,368 |
| |||||
Investment income (loss) |
| 108 |
| (27 | ) | 86 |
| 83 |
| 250 |
| |||||
Total revenue |
| 2,016 |
| 2,032 |
| 2,159 |
| 2,273 |
| 8,480 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Expenses |
|
|
|
|
|
|
|
|
|
|
| |||||
General expenses |
| 1,343 |
| 1,541 |
| 1,527 |
| 1,555 |
| 5,966 |
| |||||
Benefits to policyholders |
| 314 |
| 391 |
| 350 |
| 320 |
| 1,375 |
| |||||
Depreciation & Amortization |
| 57 |
| 66 |
| 59 |
| 72 |
| 254 |
| |||||
Interest expense |
| 29 |
| 30 |
| 32 |
| 33 |
| 124 |
| |||||
Unusual credits - World Trade Center |
| — |
| — |
| (18 | ) | (11 | ) | (29 | ) | |||||
Total expenses |
| 1,743 |
| 2,028 |
| 1,950 |
| 1,969 |
| 7,690 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Income from continuing operations before provision for income tax and minority interest |
| 273 |
| 4 |
| 209 |
| 304 |
| 790 |
| |||||
Provision for income tax |
| 101 |
| 1 |
| 76 |
| 112 |
| 290 |
| |||||
Income from continuing operations before minority interest |
| 172 |
| 3 |
| 133 |
| 192 |
| 500 |
| |||||
Minority interest - 8.205% trust preferred capital securities |
| (10 | ) | (10 | ) | (10 | ) | (4 | ) | (34 | ) | |||||
Income from continuing operations |
| 162 |
| (7 | ) | 123 |
| 188 |
| 466 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Discontinued operations |
|
|
|
|
|
|
|
|
|
|
| |||||
Income (loss) from discontinued operations |
| (2 | ) | 12 |
| 8 |
| (15 | ) | 3 |
| |||||
Income tax provision (benefit) |
| — |
| 5 |
| 3 |
| (5 | ) | 3 |
| |||||
Income (loss) from discontinued operations, net of tax |
| (2 | ) | 7 |
| 5 |
| (10 | ) | — |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net income |
| $ | 160 |
| $ | — |
| $ | 128 |
| $ | 178 |
| $ | 466 |
|
Preferred stock dividends |
| (1 | ) | — |
| (1 | ) | (1 | ) | (3 | ) | |||||
Net income available for common stockholders |
| $ | 159 |
| $ | — |
| $ | 127 |
| $ | 177 |
| $ | 463 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Basic net income per share: |
|
|
|
|
|
|
|
|
|
|
| |||||
Income from continuing operations |
| $ | 0.59 |
| $ | (0.03 | ) | $ | 0.44 |
| $ | 0.62 |
| $ | 1.65 |
|
Discontinued operations |
| (0.01 | ) | 0.03 |
| 0.02 |
| (0.03 | ) | — |
| |||||
Net income |
| $ | 0.58 |
| $ | — |
| $ | 0.46 |
| $ | 0.59 |
| $ | 1.65 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Dilutive net income per share: |
|
|
|
|
|
|
|
|
|
|
| |||||
Income from continuing operations |
| $ | 0.58 |
| $ | (0.03 | ) | $ | 0.44 |
| $ | 0.62 |
| $ | 1.64 |
|
Discontinued operations |
| (0.01 | ) | 0.03 |
| 0.02 |
| (0.03 | ) | — |
| |||||
Net income |
| $ | 0.57 |
| $ | — |
| $ | 0.46 |
| $ | 0.59 |
| $ | 1.64 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Dilutive average common and common equivalent shares outstanding |
| 276.6 |
| 278.0 |
| 277.1 |
| 299.0 |
| 282.6 |
|
|
| 2001 |
| |||||||||||||
(millions except per share data) |
| 1st |
| 2nd |
| 3rd |
| 4th |
| Full Year |
| |||||
Revenue |
|
|
|
|
|
|
|
|
|
|
| |||||
Brokerage commissions and fees |
| $ | 1,235 |
| $ | 1,287 |
| $ | 1,237 |
| $ | 1,442 |
| $ | 5,201 |
|
Premiums and other |
| 508 |
| 492 |
| 510 |
| 517 |
| 2,027 |
| |||||
Investment income |
| 20 |
| 77 |
| 104 |
| 6 |
| 207 |
| |||||
Total revenue |
| 1,763 |
| 1,856 |
| 1,851 |
| 1,965 |
| 7,435 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Expenses |
|
|
|
|
|
|
|
|
|
|
| |||||
General expenses |
| 1,272 |
| 1,427 |
| 1,289 |
| 1,408 |
| 5,396 |
| |||||
Benefits to policyholders |
| 292 |
| 260 |
| 271 |
| 288 |
| 1,111 |
| |||||
Depreciation & Amortization |
| 83 |
| 83 |
| 83 |
| 86 |
| 335 |
| |||||
Interest expense |
| 36 |
| 31 |
| 31 |
| 29 |
| 127 |
| |||||
Unusual charges - World Trade Center |
| — |
| — |
| 53 |
| 105 |
| 158 |
| |||||
Total expenses |
| 1,683 |
| 1,801 |
| 1,727 |
| 1,916 |
| 7,127 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Income from continuing operations before provision for income tax and minority interest |
| 80 |
| 55 |
| 124 |
| 49 |
| 308 |
| |||||
Provision for income tax |
| 32 |
| 21 |
| 47 |
| 21 |
| 121 |
| |||||
Income from continuing operations before minority interest |
| 48 |
| 34 |
| 77 |
| 28 |
| 187 |
| |||||
Minority interest - 8.205% trust preferred capital securities |
| (10 | ) | (10 | ) | (10 | ) | (10 | ) | (40 | ) | |||||
Income from continuing operations |
| 38 |
| 24 |
| 67 |
| 18 |
| 147 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Discontinued operations |
|
|
|
|
|
|
|
|
|
|
| |||||
Income (loss) from discontinued operations |
| (32 | ) | 9 |
| 9 |
| 15 |
| 1 |
| |||||
Income tax provision (benefit) |
| (13 | ) | 4 |
| 4 |
| 6 |
| 1 |
| |||||
Income (loss) from discontinued operations, net of tax |
| (19 | ) | 5 |
| 5 |
| 9 |
| — |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net income |
| $ | 19 |
| $ | 29 |
| $ | 72 |
| $ | 27 |
| $ | 147 |
|
Preferred stock dividends |
| (1 | ) | — |
| (1 | ) | (1 | ) | (3 | ) | |||||
Net income available for common stockholders |
| $ | 18 |
| $ | 29 |
| $ | 71 |
| $ | 26 |
| $ | 144 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Basic net income per share: |
|
|
|
|
|
|
|
|
|
|
| |||||
Income from continuing operations |
| $ | 0.14 |
| $ | 0.09 |
| $ | 0.24 |
| $ | 0.07 |
| $ | 0.54 |
|
Discontinued operations |
| (0.07 | ) | 0.02 |
| 0.02 |
| 0.03 |
| — |
| |||||
Net income |
| $ | 0.07 |
| $ | 0.11 |
| $ | 0.26 |
| $ | 0.10 |
| $ | 0.54 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Dilutive net income per share: |
|
|
|
|
|
|
|
|
|
|
| |||||
Income from continuing operations |
| $ | 0.14 |
| $ | 0.09 |
| $ | 0.24 |
| $ | 0.07 |
| $ | 0.53 |
|
Discontinued operations |
| (0.07 | ) | 0.02 |
| 0.02 |
| 0.03 |
| — |
| |||||
Net income |
| $ | 0.07 |
| $ | 0.11 |
| $ | 0.26 |
| $ | 0.10 |
| $ | 0.53 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Dilutive average common and common equivalent shares outstanding |
| 267.9 |
| 270.2 |
| 275.4 |
| 276.9 |
| 272.4 |
|